Rolls-Royce activist shareholder ValueAct cuts stake to 4.5%

Activist shareholder ValueAct Capital Management has cut its stake in British aero-engineer Rolls-Royce to 4.5% from 9.48%, according to a statement released to the stock market on Friday.

Share in Rolls-Royce have more than halved in the last five weeks as the coronavirus crisis delivered an unprecedented blow to its airline customers, which have had to ground fleets and furlough staff. They were trading down 4.2% at 266.8 pence at 0922 GMT.